You give the first wife legal divorce and alimony by way of settlement. Other wise it will be a case of bigamy

If wife complains to authorities you would  lose your job 

2) your wife can file for divorce on grounds of adultery 

3) on your demise your first wife , children from first wife and second live in relationship would inherit your property 

Live-in relationships are not illegal in india. 

Second marriage without divorce is offence. 

Under Hindu Law, wife has the right to her husband’s property after his death or after divorce. 

See the children from unmarried women also has equal right on his property in case of intestate death though in life the man can make a will to dispose of his properties.

It's not a crime but violation of service rules. In self acquired properties non have any claim.

In event of divorce wife would be entitled to alimony 

she has no share in property standing in

name of husband 

Wife can demand alimony but not property 

So what exactly do you want?

See wife has right of maintenance she can seek same through court but husband on his own can dispose the property by will gift.

Through court declaration you can claim absolute ownership on the basis of payment made by you.

Husband if paid complete consideration can file declaration suit seeking ownership of property. Though in absence of court order wife is absolute owner.

Husband has to file suit for declaration that he is absolute owner of property as full consideration was paid by him 

As the property has been purchased by the husband from his own sources of income the true owner of the property is the husband, and wife is a benamidar. Hence, you can claim it.

Dear Sir,

If a man has illegal relationship with a married woman, then he can be punished under section 497 of the Indian Penal Code. But the woman can't be punished even as an abetter.

However a married man, if he is involved in an illegal relation with an unmarried woman, it is not an offence and cannot be punished. But it is a good ground for divorce.

wife has every right to ask alimony. 

 Indian Wife in India, especially the Hindu wife, has hardly any right on the property of her husband during his lifetime leave aside the father of the husband.
The right of the wife is limited for claiming maintenance and place of residence only from the husband under the Protection of Women from the Domestic Violence Act,2005. Even in the divorce proceedings, the wife can only claim maintenance or alimony from the husband but no share in his immovable or movable property unless it is jointly owned by both.
The right to claim the share in the property of the husband arises only after his death and that too if he dies intestate, namely without making any Will etc. The share of the Hindu wife is limited to one portion while the other class 1 heirs under the Hindu Succession Act,1956 includes all the sons and all daughters as well the mother of a Hindu male get one share each.
The wife will get part of the share of her predeceased husband along with her children in the property of her father in law if he died intestate without leaving any Will.
Other than the above mentioned situations the wife has no right on the property of husband or his father.

Then if you don't want to give her contest any case filed by her against you

1. Adultery is no longer considered as a crime under the IPC as per the recent Suporeme court judgement.

2.  However, your children born through the other lady will have claim on your properties.

3.  Your wife can seek decree of divorce on the ground of cruelty.                    

1. Your wife can ask for alimony/maintenance if she lives seperately from you.

2. Your property can not be claimed by any body during your lifetime.

1. The title of the said property stands in the name of your wife.

2. You have no claim on the said property unless you avail a court orderc declaring that the said property is actually your property. 

Dear Sir,

Wife entitled for only alimony and not share in the property. Out of life and affection husband purchases property in her name it does not belongs to her because she has no income.

What is your problem?

You say that your wife is knowing and aware of your relationship with another female which is continuing for 16 years but she not objected to it.

Though your relationship with the other party is not a legally recognised relationship i.e., marriage, the children born out of this relationship are your legitimate children and they have all rights in you at par with your children born out of legally wedded wife.

If you are not a government employee then you may even marry your living in partner legally with the consent of your wife provided the outsiders i.e., your extended relatives do not object to this marriage, you may have to take care while taking any step in this regard.

Your wife nor any other person can claim any share in the property as a right not at least during your lifetime.

You are bound to take care of your legally wedded wife if not you may have to pay her money for maintenance, you cannot escape the liabilities in that regard.

The property bought in the name of wife shall remain as her own and absolute property.

Whether divorced or not, once the property is registered on her name and the registered title deed is on her name  alone, then the husband or anyone cannot lay any claim in it even for a share in it at least not during her lifetime.

She will be the absolute owner of the property, thus the husband cannot claim any right in the property even after his divorce.

1. There is no penal provision under which we can think to punish the husband or not.
2. This can only be the ground of divorce of adultery for the first wife.
3. But, she can’t claim on the property except to some alimony in cash and if husband can’t give cash then property.
4. And also after the consent from her side she now even cannot take the plea of adultery as this is showing that she is only interested for money and property.
5. Rest, it is highly appreciable that you have been thinking for her welfare now. And children from the second female would also have equal rights like children from first marriage, irrespective of the fact that the Male has not married to the second female.